More NewsBanc of America Securities Launches the First High Grade Billion Dollar Index

Banc of America Securities Launches the First High Grade Billion Dollar Index

Banc of America Securities has announced the introduction of the High Grade Billion Dollar Index (BDI)’- the market’s first benchmark for billion dollar investment grade bonds. Unlike other indices which contain thousands of bonds, the Billion Dollar Index includes only the largest issues – $1 billion outstanding or greater and two or more years to maturity – currently totaling 341 issues. This constitutes a representative screen of the most frequently traded issues, with among the tightest bid-offer spreads, and these are generally the first to indicate valuation shifts in the bond market. The Billion Dollar Index has a significantly different profile from traditional broad- market indices. It is more global, with a 22% weighting in sovereign and quasi-sovereign issues. It also has a higher credit quality profile with an average rating of strong single A and with a 30% representation in triple A/double A credits.

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